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Comment by flyingfences | Hacker News Reader

I don't think they will, but I do think they should.

I don't think they can. Current law in that respect does not apply to members of Congress, IIRC. Instead, Congress has decided that its members should:

1. Self-report on themselves, their spouses, their dependent children (why dependent children would be trading securities is beyond me, but OK.)

2. Be subject to a $200 fine for conflicts of interest or failure to report "in a timely manner"

3. Have the fine waived at the discretion of the House or Senate ethics committees

In other words, the rules they've applied to themselves are toothless.

The SEC can still pursue criminal charges

The SEC is not a law enforcement agency. They can and do partner with the FBI but there's a separation of powers problem with that.

Criminal charges for what exactly? The SEC exists by authority of Congress, and their purview is defined by Congress, just like every other regulatory body.

The SEC even in overt insider trading cases doesn't pursue criminal charges -- they refer it to the Justice Department.

Congress currently is exempt from insider trading that comes about due to executing congressional duties. They would have to pass a law subjecting themselves to it.

> The SEC can still pursue criminal charges

The SEC can refer apparent criminal violations to the Department of Justice, which is the only federal agency which can pursue criminal charges.

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